Shares of TNA Solutions hit the 20% lower circuit on the BSE SME platform on October 9, following a weak debut on the stock exchanges. According to reports from Moneycontrol, the stock fell to ₹56, marking a steep 20% discount to its issue price of ₹70. The stock's debut was weaker than indicated by the grey market premium (GMP), which was signalling a flat listing on the morning of October 9, as reported by IPO tracking platform InvestorGain. This performance contrasted sharply with the broader SME IPO market, where Acme India Industries delivered a strong listing at a 12.7% premium to its issue price.
The stock's listing at a 20% discount to the issue price reflected weak investor response on debut. As reported by Moneycontrol, following the decline, the company's market capitalisation stood at around ₹108.57 crore. The Rs 37.86 crore book-built IPO received strong response during the subscription period, with the issue subscribed 55.20 times by October 6, 2026. The non-institutional investor (NII) category was subscribed 102.14 times, while the qualified institutional buyer (QIB) portion saw 35.64 times subscription, and the individual investor category was subscribed 46.17 times.
TNA Solutions' weak performance was part of a mixed debut for three SME IPOs that made their market debut on Friday. According to ETMarkets, the three IPOs collectively raised around ₹241 crore, with varying subscription levels and listing performances. While Acme India Industries delivered the strongest listing at a 12.7% premium to its issue price of ₹196, Paramount Syntex shares listed at a 9.4% discount to its IPO price of ₹127. This performance highlights the volatility often seen in small and medium enterprise (SME) listings, where market sentiment can quickly shift despite strong subscription numbers.
